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  • SBI Flexi Deposit Scheme

     4.5 / 5.0   by 105 users
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    Fees & Charges

    Promised Interest Rate

    Customer Service

    Responsiveness

    The State Bank of India offers its customers the Flexi Deposit Scheme which works on the principle of a recurring deposit. Customers can choose to deposit a minimum of Rs. 500 per month, but they can increase this amount anytime they wish. You can also make as many instalments as you like. In a year, the bank puts a cap on the amount of money you can accumulate in the deposit. Customers have greater flexibility with their savings and can put away more money when they can and cut back on savings when they cannot.

    Features and Benefits

    Monthly limits

    The minimum amount that should be deposited at anytime is Rs. 500. There is no cap on the number of times you can deposit in a month.

    Annual Limits

    In a year, a depositor can save up to Rs. 50,000. The minimum amount you have to save is Rs. 5,000 per year. The Flexi Deposit Scheme does not allow you to deposit more than Rs. 50,000 in a year.

    Tenure

    This deposit can be opened for a minimum of 5 years. The deposit can be maintained for a maximum of 7 years.

    Loan Facility

    Customers can avail of loans from State Bank of India against the SBI Flexi Deposit.

    Nomination Facility

    Nominations are available for depositors to name a beneficiary in case anything unfortunate were to happen to them. The beneficiary will receive the savings upon your unfortunate demise. When you are opening the account, you are given an option to retain the nominee you have already stated in your debit account from which the Flexi Deposit is funded.

    Default Payments

    In case of default in payment of the minimum deposit amount of Rs. 500, Rs. 50 will be charged per year.

    Interest

    This deposit earns the same rates of interest as applicable to term deposits. Interest is compounded on a quarterly basis. Interest is calculated on the outstanding balance on the last date of every month.

    Premature Withdrawal

    Flexi deposits can be broken before the maturity date. The interest rate applicable will drop by 0.50% below the applicable interest rate on the deposit.

    Tax Benefits

    Recurring deposits are subject to Tax Deducted at Source (TDS).

    SBI Flexi Deposit Interest Rates

    The rate of interest on the Flexi Deposit Scheme is the same as the Term Deposit interest rates. These rates were recently revised with effect from 05.10.2015. SBI Pensioners and SBI Staff are granted an additional bonus of 1% interest above the regular rate. Senior Citizens will receive 0.25% above. SBI pensioners who are above 60 years of age will receive both 1% + 0.25% interest benefits. Interest is compounded on a quarterly basis. Interest is calculated on the outstanding balance on the last date of every month.

    Tenure

    Existing rate for Public

    Revised for public from 5/10/15

    Existing rate for Senior Citizens

    Revised for senior citizens from 5/10/15

    5 years up to 7 years

    7.25%

    7.00%

    7.50%

    7.25%

    SBI Flexi Deposit Eligibility

    • All resident Indians are eligible for this scheme.
    • Only individual customers can apply.
    • Minors can also apply.

    FAQs

    What accounts can I use to fund the Flexi Deposit?

    You can use the following types of accounts to fund the Flexi Deposit.

    • Savings account
    • Current account
    • OD account

    How will I receive my maturity proceeds?

    The matured deposit amount plus any proceeds payable will be transferred to the debit account which was used to fund the SBI Flexi Deposit.

    Is there an option to close the SBI Flexi Deposit online?

    Yes, there is an option available to close the SBI Flexi Deposit online. This is applicable if you have opened your e-SBI Flexi Deposit online. Under the SBI Flexi Deposit, you can click on “Close A/c”. Accounts opened through other means cannot be closed through this process.

    Can I add or change a nominee online?

    If you require to add a new nominee of change your nominee, you have to approach your SBI branch. This option is not available online.

    How many deposits can I make in a month?

    You can make as many deposits as you like in a month. The deposit can also be made at anytime. The minimum deposit amount made at any instance is Rs. 500.

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    Customer Reviews

  • Page 1 of 6 1 2 3 4 5
    • SBI Recurring Deposit
      "Good service"
      STATE BANK OF INDIA
      0.5 4.0/5 "Great!"
      As I have a savings account with State Bank of India I started a recurring deposit account with them. But I'm really not sure about the interest rates they provide me but it's good for both my RD accounts in this State bank of India as well as the other bank IOC.
      Was this review helpful? 0
      , kolkata
      Reviewed on Nov 17, 2017
    • SBI Recurring Deposit
      "Excellent in service , hike in interest rate"
      STATE BANK OF INDIA
      0.5 5.0/5 "Blown Away!"
      I have invested in recurring deposit and the return value is good based on the pre tax which was levied and it was levied based on certain circumstances. I would like to say that the customer service is good one with them, also I really dont have any issues on it.
      Was this review helpful? 0
      , bangalore
      Reviewed on Nov 16, 2017
    • SBI Recurring Deposit
      "Not a good investment"
      STATE BANK OF INDIA
      0.5 2.0/5 "Expected more"
      I created this Recurring Depoist account some time back and the return I got was little disappointing. I had paid Rs.10000 every month and was expecting a 7.25% Interest. But at the end, after the cut of all taxes I recieved only 4.5% profit, which for me is pure waste of investment.
      Was this review helpful? 0
      , ghaziabad
      Reviewed on Oct 29, 2017
    • SBI Recurring Deposit
      "Good investment"
      STATE BANK OF INDIA
      0.5 4.5/5 "Excellent!"
      Every month I am investing Rs.3000 for the tenure of one year. After the tenure period I would receive the 7.5% of interest along with the investment amount, I opened the RD through online, I could track the details in mobile application, Iam fine with their benefits.
      Was this review helpful? 0
      , navi mumbai
      Reviewed on Sep 27, 2017
    • SBI Recurring Deposit
      "Recurring deposit"
      STATE BANK OF INDIA
      0.5 4.0/5 "Great!"
      Every 6 months the money would get debited from my salary account and would get transferred to Recurring Deposit. Its mainly because I have opted for a AUTO PAY. Interest rate offered by 6.25% no tax benefits i guess.
      Was this review helpful? 0
      , vadodara
      Reviewed on Sep 23, 2017
    • SBI Recurring Deposit
      "Good to plan anything"
      STATE BANK OF INDIA
      0.5 4.0/5 "Great!"
      Last 10 years I have a RD account with SBI, every month I pay the amount of Rs.10,000 for the tenure of one year, So far I got the interest rate of Rs.52,000 the current intrest of SBI for RD around 6.7% on yearly basic. I normally do auto debit from my account, I could view RD summary in SBI netbanking
      Was this review helpful? 1
      , ahmedabad
      Reviewed on Jul 07, 2017
    • SBI Recurring Deposit
      "Satisfactory services"
      STATE BANK OF INDIA
      0.5 5.0/5 "Blown Away!"
      I have taken a holiday scheme from State bank of India. It is a recurring deposit and I need to pay 6600 per month and it is for a year. So it is linked with a company who has these schemes for Holidays. The customer services was good and helpful to get me this account.
      Was this review helpful? 7
      , guwahati
      Reviewed on May 31, 2017
    • SBI Recurring Deposit
      "Good Service"
      STATE BANK OF INDIA
      0.5 3.0/5 "Satisfactory"
      I have Recurring deposit account with State bank of India. I opened this account long bank. Monthly payment is 6000 with the tenure of 18 months. I had started this account in 2012 and still continuing the same account with SBI. Services are good.
      Was this review helpful? 13
      , bhiwadi
      Reviewed on May 25, 2017
    • SBI Recurring Deposit
      "Good Service"
      STATE BANK OF INDIA
      0.5 5.0/5 "Blown Away!"
      I have recurring deposit account with State bank of India. The period is for one year and the deposit amount is for thirty five thousand. I am satisfied in opening RD account with SBI, because the interest rate is quite good with them than other banks.
      Was this review helpful? 11
      , indore
      Reviewed on May 04, 2017
    • SBI Recurring Deposit
      "Good For Future"
      STATE BANK OF INDIA
      0.5 5.0/5 "Blown Away!"
      I opened my SBI Recurring deposit account through online, Already the bank has my KYC details. It not mandatory to submit my documents. I used to Rs.2000 in monthly basis for 5 Years. SBI provides the interest rate of 9% for the RD, It is useful for me to invest my money.
      Was this review helpful? 54
      , nasik
      Reviewed on Feb 07, 2017
    • SBI Recurring Deposit
      "Its good"
      STATE BANK OF INDIA
      0.5 4.0/5 "Great!"
      I visited to the SBI branch to open RD account. SBI deducts some amount from my account in monthly basis, After seven years of tenure they will provide some cumulative interest of 8.5% from the amount paid. It was really good and useful policy.
      Was this review helpful? 20
      , tiruchirapalli
      Reviewed on Dec 14, 2016
    • SBI Recurring Deposit
      "My SBI RD"
      STATE BANK OF INDIA
      0.5 5.0/5 "Blown Away!"
      SBI RD is really good. I am holding this RD for the last 5 years. The rate of interest that I earn on my RD is the best. I had applied for this RD online and it took hardly 10 minutes to open this RD online and no additional documents required for the same.
      Was this review helpful? 26
      , varanasi
      Reviewed on Nov 24, 2016
    • SBI Recurring Deposit
      "My RD"
      STATE BANK OF INDIA
      0.5 5.0/5 "Blown Away!"
      For educational purpose I had invested in SBI RD I had taken RD for a period of 2 years. I am supposed to place 5k per month in my account. I had visited the branch and placed a request by filling an application form. I had to submit my aadhar card and account number for opening a RD with SBI.
      Was this review helpful? 24
      , chennai
      Reviewed on Oct 21, 2016
    • SBI Recurring Deposit
      "Safe and secured"
      STATE BANK OF INDIA
      0.5 3.5/5 "Pretty good"
      Five years back I had opened this RD. The best part about this SBI RD they did not levy any additonal charges. Here in RD every month I am supposed to pay about rs 100 as a deposit and it can be any amount and it should be multiples of hundred. I guess there is no restriction when it comes to maximum amount to deposit.
      Was this review helpful? 16
      , chandigarh
      Reviewed on Sep 07, 2016
    • SBI Recurring Deposit
      "Good "
      STATE BANK OF INDIA
      0.5 5.0/5 "Blown Away!"
      I have had an earlier experience of a recurring deposit with SBI Bank. I get the details related to RD from online.It was an easy process and the rate of interest was also good. There is no locking period with SBI and the rate is around 8% for the recurring deposit.
      Was this review helpful? 30
      , hyderabad
      Reviewed on Jun 30, 2016
    • SBI Recurring Deposit
      "Good experience"
      STATE BANK OF INDIA
      0.5 4.0/5 "Great!"
      I have had an earlier experience of a recurring deposit at SBI Bank. They had a tenure of six months. I extended my account to a year. The executive came over to my place and I filled in the documents. I only had to visit the bank once when I closed the account. It was a easy process and the rate of interest was also good.
      Was this review helpful? 9
      , bangalore
      Reviewed on Jun 28, 2016
    • SBI Recurring Deposit
      "Better "
      STATE BANK OF INDIA
      0.5 4.0/5 "Great!"
      I recently opened my recurring deposit in State bank of India. Interest rate told to me was around 8% which is a better one to go with. The lock period for this RD is for 2 years. I find this RD as a beneficial one with which I could save some money for future.
      Was this review helpful? 12
      , bangalore
      Reviewed on Jun 25, 2016
    • SBI Recurring Deposit
      "Average "
      STATE BANK OF INDIA
      0.5 3.5/5 "Pretty good"
      Customer need to visit their office for each process which is a drawback.Initially the rate applied was around 9.25% for the recurring deposit but now a days they have changed to 8% from SBI.The customer support and response offered was not nice with SBI Bank.
      Was this review helpful? 8
      , chennai
      Reviewed on Jun 22, 2016
    • SBI Recurring Deposit
      "Process can be made on online "
      STATE BANK OF INDIA
      0.5 3.5/5 "Pretty good"
      SBI has to make the process easy for the customer in making payment for recurring deposit.They give a cheque or DD for making payment instead there can be some online options to make the process very simple.The rate offered was good for recurring at that time but now its been reduced with SBI Bank.
      Was this review helpful? 8
      , chennai
      Reviewed on Jun 17, 2016
    • SBI Recurring Deposit
      "Satisfactory "
      STATE BANK OF INDIA
      0.5 4.0/5 "Great!"
      Recurring deposit interest rate is approximately 7% for the minimum lock in period of 12 months from SBI bank. The minimum amount o start plan is Rs.500.After completing the tenure period the amount will be credited to the account but we have to visit the nearest bank to oprn the RD account
      Was this review helpful? 15
      , bangalore
      Reviewed on Jun 03, 2016
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